Thanks for the package it works fine if you start it manually, but fails to load when started at boot time, because rcS script would start noip with a "start" parameter, the result can be seen in the logs:
Jul 31 20:31:48 (none) user.info : USAGE: S90noip [-c config_file] [-h] [-l] [-i IPaddress] [-d]
Jul 31 20:31:48 (none) user.info : Version Linux-1.6.0
Jul 31 20:31:48 (none) user.info : Options: -c config_file use alternate config file
Jul 31 20:31:48 (none) user.info : -h help
Jul 31 20:31:48 (none) user.info : -i IPaddress use supplied address
Jul 31 20:31:48 (none) user.info : -l log output to stderr
Jul 31 20:31:48 (none) user.info : -d increase debug verbosity
Jul 31 20:31:48 (none) user.info : config file is either
Jul 31 20:31:48 (none) user.info : /usr/local/lib/no-ip.conf or /etc/no-ip.conf
Jul 31 20:31:48 (none) user.info : and must contain 10 required entries in the form of KEYWORD = value
Jul 31 20:31:48 (none) user.info : A complete description of the config file is in the README file.
Jul 31 20:31:48 (none) user.info : ^IKEYWORD value ^I^I^I (example)
Jul 31 20:31:48 (none) user.info : ^ILOGIN = YourNo-ip.comLogin ^I^I (foo@host.org)
Jul 31 20:31:48 (none) user.info : ^IPASSWORD = YourNo-ip.comPassword ^I (hello25-1)
Jul 31 20:31:48 (none) user.info : ^IHOSTNAME = YourNo-ip.comHost^I^I (grumpy)
Jul 31 20:31:48 (none) user.info : ^IDOMAIN = YourNo-ip.comDomain ^I^I (no-ip.com)
Jul 31 20:31:48 (none) user.info : ^IGROUP = YourNo-ip.comGroup ^I^I (mygoup)
Jul 31 20:31:48 (none) user.info : ^IDEVICE = YourInternetConnectionDevice (ppp0)
Jul 31 20:31:48 (none) user.info : ^IPROXY = Y/N ^I^I^I^I (Y)
Jul 31 20:31:48 (none) user.info : ^INAT = Y/N ^I^I^I^I (N)
Jul 31 20:31:48 (none) user.info : ^IDAEMON = Y/N ^I^I^I^I (Y)
Jul 31 20:31:48 (none) user.info : ^IINTERVAL = Minutes^I^I^I (30)
the solution is creating a dummy S99noip:
#!/bin/sh
noip